What were the causes and consequences of the August 10 stockholder incident in 1992?

On August 7, 1992, Shenzhen City issued an announcement on the 1992 New Share Subscription Lottery List, announcing that 500 million domestic public shares would be issued in 1992, and 5 million lottery tickets would be issued, with a winning rate of 10%. Each lottery table can subscribe for 1,000 shares, and each ID card can buy a lottery table for 100 yuan. The government is very considerate of everyone: in order to reduce the number of people queuing up, each person queuing up can hold up to 10 ID cards to buy the lottery form.

Since the morning of August 7, about 200,000 people have formed long queues in front of 300 outlets distributed throughout the city. The long queues have grown rapidly and thickly. Long lengths of rope were brought, and men and women clung to them and even wrapped them around their wrists. There are crowds of people in front of each of the 21 securities offices in the city. People line up day and night. A piece of paper in the crowd was passed to everyone's hands again and again, and was taken over by those who came after. The names of people were written densely on the paper, and each person's name had a serial number in front of it. This was the most important thing at the time.

This method of numbering people was created voluntarily by the common people and implemented by the "leaders" elected by the masses. According to regulations, the "leading" roll call is done every two hours, not by name, but by serial number, such as No. 365, or No. 563. The person who hears the roll call immediately answers "Yes", no matter day or night, without interruption. If there is no "" after two calls, In response, "Leap" immediately crossed out the number and the person's name.

As the release date approaches on August 9, police officers to maintain order begin to appear. The lottery tables went on sale in the morning of August 9, but by noon, the windows were closed again at several points and the tables were sold out. Later, more and more windows were closed. On the morning of the 10th, there were still poor people queuing up. On this morning, Shenzhen newspapers announced that the 5 million new stock lottery sheets would be sold on the 9th, saying that the sales process reflected the principles of "fairness, impartiality, and openness."

But those who have not received the new share subscription form do not believe it at all. They saw many insiders, including people from law enforcement, securities companies, and the financial system, secretly buying a large number of watches. They told each other their grievances and exchanged what they saw and heard. People started to get angry! This situation reached its peak on the night of August 10, when large numbers of people began to gather and began to display slogans demanding punishment of corruption and combating malpractice, which eventually turned into conflicts.

The matter has reached a critical moment. what to do? Everyone was at a loss what to do. The boss of Shenzhen City at the time said: If we have no other options, we propose to advance the issuance of 5 million stocks from next year to this year. Because investors come for stocks and their requirements cannot be met, they are still dissatisfied even if there is no fraud. Some people say this method doesn't work. To transfer next year's quota to this year, do I need to seek approval from the superior? At a critical moment, every second counts. If you don't make an immediate decision, the consequences will be disastrous! Where is the time to ask for instructions at all levels? That’s it, it’s decided that all the responsibility will fall on me alone, and I will bear all the legal consequences of dismissal.

After the decision was made, I didn’t even have time to draft the document. I wrote five items in a hurry and immediately took it to the broadcast truck to broadcast. It was announced that an additional 5 million lottery tickets would be issued to advance next year’s quota. Shenzhen has decided to issue an additional 5 million lottery tables. It is of great use because everyone can apply to subscribe to the lottery tables tomorrow. The situation gradually stabilized.

Four months later, the results of the investigation of the "8·10" incident were announced. From more than 2,900 mass reports, 62 key clues were screened out, involving 75 people from 20 units in 5 systems including finance, supervision, industry and commerce, and public security, including 22 cadres at division level or above. One day, more than 4,000 people secretly distributed more than 100,000 subscription forms. One of the vice presidents of a securities sales department took a whole box of subscription forms (5,000) to himself. Many staff, supervisors and officers at sales outlets have committed fraud to varying degrees. After the August 10 crisis, the Shenzhen stock market was hit hard, with the index falling from 310 points on August 10 to 285 points on August 14, a drop of 8.1%. At the same time, the vitality was severely damaged, and the Shenzhen Component Index fell until November 23 to 164 points before it stopped falling and rebounded.

Stocks are ownership certificates issued by joint-stock companies. They are securities issued by joint-stock companies to various shareholders as shareholding certificates in order to raise funds and obtain dividends and dividends.

Each share of stock represents a shareholder's ownership of a basic unit of the business. Behind every stock there is a public company. At the same time, every public company issues shares.

Each share of the same class of shares represents equal ownership of the company. The size of each shareholder's share of the company's ownership depends on the number of shares he or she holds relative to the company's total equity.

Stocks are a component of the capital of a joint-stock company and can be transferred and bought and sold. They are the main long-term credit instrument in the capital market, but the company cannot be required to return its capital contribution.

Reference material: The shocking "8.10" stock buying incident in Shenzhen_Satellite TV_ifeng.com ?